Mortgage to A bank. Order of Notice recorded before assignment to B bank, but internal date on assignment is prior to O/N (a problem, but not the one I'm interested in). B bank forecloses - rest of docs are perfect - no problems at all, with the foreclosure deed going to FNMA for consideration of $125K. So far, so good. Now here's the problem. 6 months after the foreclosure FNMA assigns the foreclosed mortgage (?? - how can you assign a mortgage which has been foreclosed - does it even still exist??) to a completely different financial entity - one which is only tangentially related to original foreclosing institutuion. Then there's a completely new foreclosure by the new institution with the foreclosure deed going to an individual buyer for $115K ( a different consideration than was stated on the first foreclosure deed). That guy then files an assignment of bid to someone else. Then to top it all off FNMA gives a deed without covenants - essentially just a release deed to the third party. Never seen this before. I suspect that the law office that did the first foreclosure scrambled the docs, mixing up one foreclosure with another, & that this was an attempt to fix the mess, but there's no attorney's affidavit with an explanation & additionally none of the docs are labelled "confirmatory". I would have been happier if FNMA had given a quitclaim deed to the third party, but they didn't. Reported all this to the client - dead silence from them - not sure it will close when they want to, if ever.
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